Market Summary

INDICES

Resource Commodities

Name

Last

Change

Gold

1305.49

0.92%

Silver

16.68

1.38%

Copper

3.06

0.060

Platinum

912.49

0.71%

Oil

71.84

0.50%

Natural Gas

2.91

0.21%

Uranium

22.88

0.00%

Zinc

1.38

0.00%

U.S. President Donald Trump’s decision to withdraw federal protections from millions of acres of Utah wilderness will reopen much of the iconic terrain to gold, silver, copper, and uranium land claims under a Wild West-era mining law, according to federal officials.

Starting at 6 a.m. on Feb. 2 – the moment Trump’s proclamation reducing the size of the Bears Ears and Grand Staircase-Escalante National Monuments takes effect – private citizens and companies will be allowed to stake claims for hard rock mining in a process governed by the General Mining Law of 1872, according to the U.S. Bureau of Land Management.

The process for staking a claim remains much as it did during the Gold Rush: A prospector hammers four poles into the ground corresponding to the four points of a parcel that can be as big as 20 acres, and attaches a written description of the claim onto one of them. A prospector then has 30 days to record the claim at the local BLM office.

“We’re working on getting information and new monument maps ready for people interested in claims,” said Utah Bureau of Land Management spokesman Michael Richardson.

The costs of claiming are low: a $212 filing fee, and an annual maintenance fee of $150. Unlike laws governing petroleum extraction, there are no environmental guidelines specific to hard rock mining, and no requirement to pay a royalty. The claims provide prospectors mineral rights but not ownership of the land.

The law covers mining for uranium, gold, silver, copper and other precious metals, but excludes coal and petroleum.

URANIUM RUSH? MAYBE NOT

Conservation groups including the Southeastern Utah Wilderness Alliance are concerned that new prospecting in the area could cause environmental harm, but it’s unclear whether the rare opportunity to stake mining claims will draw much interest.

The Bears Ears area is known to have uranium deposits, but prices are currently in the dumps - at around $25 a pound compared with $130 a decade ago - due to weak domestic demand from nuclear reactors.

Kyle Kimmerle, whose family owns more than 100 uranium mining claims in Utah, said he won’t be rushing out for new land.

“The current price of uranium is not likely to warrant any new claiming,” he said. “It would take $60-$70 for me.”